Earnings Call Information

The information for Garmin Ltd.’s earnings call is as follows:

When:		Wednesday, February 20, 2012 at 10:30 a.m. Eastern
Where:		http://www.garmin.com/aboutGarmin/invRelations/irCalendar.html
How:		Simply log on to the web at the address above or call to listen in at (888) 437.9366 (due to the limited number of lines available, we encourage you to participate via the webcast).
Contact:		Email Contact

An archive of the live webcast will be available until March 27, 2013 on the Garmin website at http://www.garmin.com. To access the replay, click on the Investor Relations link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding the company’s estimated earnings and revenue for fiscal 2013, the Company’s expected segment revenue growth rate, margins, new products to be introduced and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 31, 2011 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html.

The global leader in satellite navigation, Garmin Ltd. and its subsidiaries have designed, manufactured, marketed and sold navigation, communication and information devices and applications since 1989 – most of which are enabled by GPS technology. Garmin’s products serve automotive, mobile, wireless, outdoor recreation, fitness, marine, aviation, and OEM applications. A member of the S&P 500 Index, Garmin Ltd. is incorporated in Schaffhausen, Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. For more information, visit Garmin's virtual pressroom at www.garmin.com/pressroom or contact the Media Relations department at 913-397-8200.

Garmin, nüvi, Approach, and Forerunner are registered trademarks, and Real Directions, Edge, BarkLimiter and Delta are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Garmin Ltd. And Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share information)
		December 29,				December 31,
		2012				2011
Assets
Current assets:
Cash and cash equivalents		$	1,231,180			$	1,287,160
Marketable securities			153,083				111,153
Accounts receivable, net			603,673				607,450
Inventories, net			389,931				397,741
Deferred income taxes			68,785				53,670
Deferred costs			53,948				40,033
Prepaid expenses and other current assets			35,520				77,630
Total current assets			2,536,120				2,574,837
Property and equipment, net			409,751				417,105
Marketable securities			1,488,312				1,097,002
Restricted cash			836				771
Noncurrent deferred income tax			93,920				88,637
Noncurrent deferred costs			42,359				40,823
Intangible assets, net			232,597				246,646
Other assets			15,229				5,517
Total assets		$	4,819,124			$	4,471,338
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$	131,263			$	164,010
Salaries and benefits payable			55,969				45,964
Accrued warranty costs			37,301				46,773
Accrued sales program costs			57,080				52,262
Deferred revenue			252,375				188,987
Accrued license fees			71,745				99,025
Accrued advertising expense			25,192				31,915
Other accrued expenses			69,806				67,912
Deferred income taxes			332				5,782
Income taxes payable			32,031				77,784
Dividend payable			175,932				77,865
Total current liabilities			909,026				858,279
Deferred income taxes			2,467				4,951
Non-current income taxes			181,754				161,904
Non-current deferred revenue			193,047				188,132
Other liabilities			1,034				1,491
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
195,591,854 shares outstanding at December 29, 2012 and
194,622,617 shares outstanding at December 31, 2011			1,797,435				1,797,435
Additional paid-in capital			72,462				61,869
Treasury stock			(81,280	)			(103,498	)
Retained earnings			1,604,625				1,413,582
Accumulated other comprehensive income			138,554				87,193
Total stockholders' equity			3,531,796				3,256,581
Total liabilities and stockholders' equity		$	4,819,124			$	4,471,338

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
		13-Weeks Ended				14-Weeks Ended				52-Weeks Ended				53-Weeks Ended
		December 29,				December 31,				December 29,				December 31,
		2012				2011				2012				2011
Net sales		$	768,548			$	909,644			$	2,715,675			$	2,758,569
Cost of goods sold			394,694				475,857				1,277,195				1,419,977
Gross profit			373,854				433,787				1,438,480				1,338,592
Advertising expense			46,806				55,660				138,757				145,024
Selling, general and administrative expense			94,026				93,383				369,790				341,217
Research and development expense			83,263				84,655				325,773				298,584
Total operating expense			224,095				233,698				834,320				784,825
Operating income			149,759				200,089				604,160				553,767
Other income (expense):
Interest income			8,830				9,494				35,108				32,812
Foreign currency			(3,898	)			(24,523	)			(20,022	)			(12,100	)
Other			219				67				5,282				9,682
Total other income (expense)			5,151				(14,962	)			20,368				30,394
Income before income taxes			154,910				185,127				624,528				584,161
Income tax provision			25,616				19,571				82,125				63,265
Net income		$	129,294			$	165,556			$	542,403			$	520,896
Net income per share:
Basic		$	0.66			$	0.85			$	2.78			$	2.68
Diluted		$	0.66			$	0.85			$	2.76			$	2.67
Weighted average common
shares outstanding:
Basic			195,101				194,319				194,909				194,105
Diluted			196,275				195,100				196,213				194,894

Garmin Ltd. And Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
		52-Weeks Ended				53-Weeks Ended
		December 29,				December 31,
		2012				2011
Operating Activities:
Net income		$	542,403			$	520,896
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation			52,632				54,610
Amortization			37,835				39,925
Gain on sale of property and equipment			(367	)			(2,192	)
Provision for doubtful accounts			4,678				2,317
Deferred income taxes			(32,080	)			(42,475	)
Unrealized foreign currency losses			40,042				18,583
Provision for obsolete and slow moving inventories			11,003				16,047
Stock compensation expense			29,274				40,212
Realized gains on marketable securities			(2,980	)			(4,322	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable			9,077				169,543
Inventories			3,997				(6,385	)
Other current and non-current assets			39,717				(60,996	)
Accounts payable			(38,929	)			(26,329	)
Other current and non-current liabilities			(33,235	)			(61,103	)
Deferred revenue			67,931				179,439
Deferred costs			(15,441	)			(36,120	)
Income taxes payable			(30,812	)			20,684
Net cash provided by operating activities			684,745				822,334
Investing activities:
Purchases of property and equipment			(38,445	)			(38,366	)
Proceeds from sale of property and equipment			757				4,127
Purchase of intangible assets			(6,783	)			(6,933	)
Purchase of marketable securities			(1,429,593	)			(1,172,555	)
Redemption of marketable securities			985,598				779,213
Change in restricted cash			(65	)			506
Acquisitions, net of cash acquired			(7,697	)			(54,190	)
Net cash used in investing activities			(496,228	)			(488,198	)
Financing activities:
Dividends paid			(253,386	)			(310,763	)
Issuance of treasury stock related to equity awards			22,798				22,337
Tax benefit from issuance of equity awards			(516	)			3,313
Purchase of treasury stock			(18,745	)			(22,300	)
Net cash used in financing activities			(249,849	)			(307,413	)
Effect of exchange rate changes on cash and cash equivalents			5,352				(499	)
Net (decrease)/increase in cash and cash equivalents			(55,980	)			26,224
Cash and cash equivalents at beginning of period			1,287,160				1,260,936
Cash and cash equivalents at end of period		$	1,231,180			$	1,287,160

Garmin Ltd. And Subsidiaries
Revenue, Gross Profit, and Operating Income by Segment (Unaudited)
		Reporting Segments
		Outdoor			Fitness			Marine				Auto/ Mobile			Aviation			Total
13-Weeks Ended December 29, 2012
Net sales		$	118,517		$	103,973		$	39,516			$	436,654		$	69,888		$	768,548
Gross profit		$	73,990		$	62,570		$	19,995			$	166,153		$	51,146		$	373,854
Operating income		$	46,579		$	35,791			($1,583	)		$	50,557		$	18,415		$	149,759
14-Weeks Ended December 31, 2011
Net sales		$	121,045		$	94,752		$	43,250			$	579,193		$	71,404		$	909,644
Gross profit		$	82,161		$	60,989		$	25,868			$	218,738		$	46,031		$	433,787
Operating income		$	59,707		$	40,808		$	9,285			$	77,750		$	12,539		$	200,089
52-Weeks Ended December 29, 2012
Net sales		$	401,747		$	321,788		$	208,136			$	1,492,440		$	291,564		$	2,715,675
Gross profit		$	260,564		$	204,615		$	125,201			$	642,913		$	205,187		$	1,438,480
Operating income		$	164,611		$	111,807		$	34,000			$	220,766		$	72,976		$	604,160
53-Weeks Ended December 31, 2011
Net sales		$	363,223		$	298,163		$	221,730			$	1,590,598		$	284,855		$	2,758,569
Gross profit		$	238,850		$	181,759		$	129,653			$	597,017		$	191,313		$	1,338,592
Operating income		$	161,511		$	102,101		$	57,645			$	160,837		$	71,673		$	553,767

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